Nigeria Inflation Rate Spikes To 27.33% For October

 With Nigerians grappling with the hardship associated with the removal of fuel subsidy and the devaluation of the naira, the country's headline inflation rate has had a spike of 27.33%, from the 26.72% it was in September 2023.

The headline inflation rate for October 23 indicate a 0.61 % point increase compared to the figure for the previous month of September.

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On a year-on-year basis, the headline inflation rate was 6.24% points higher than the 21.09 % rate recorded in October 2022, an indication of growth in the headline inflation rate (year-on-year basis) in October 2023 compared to the corresponding month of 2022.

The implication of this is that the purchasing power of the average Nigerian citizen has sunk deeper.